#Rfid Market Analysis

[yashvicmi01]

Global RFID Market Is Estimated To Witness High Growth Owing To Integration of IoT

The global RFID Market is estimated to be valued at US$ 12.53 billion in 2022 and is expected to exhibit a CAGR of 6.37% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview

RFID (Radio Frequency Identification) is a wireless technology that uses electromagnetic fields to automatically identify and track tags attached to objects. This technology enables businesses to improve efficiency, reduce costs, and enhance supply chain management. RFID systems consist of three key components: tags, readers, and software. Tags are attached to objects and contain electronically stored information. Readers capture the information from the tags, and software processes and analyzes the data. RFID technology offers advantages such as improved inventory management, enhanced asset tracking, increased visibility in supply chains, and streamlined payment systems.

B) Market Key Trends

The integration of RFID technology with the Internet of Things (IoT) is a key trend driving the growth of the global RFID market. The combination of RFID and IoT allows for seamless connectivity and communication between physical objects and digital systems. This integration enables real-time tracking, monitoring, and management of assets and inventory. For example, in the retail industry, RFID tags can be used to monitor inventory levels and automatically reorder products when stock is low. This minimizes out-of-stock situations and improves customer satisfaction. Furthermore, RFID-enabled smart shelves can provide real-time product information and personalized recommendations to shoppers, enhancing their shopping experience.

C) Porter's Analysis

- Threat of new entrants: Low to moderate. The Rfid Market is highly competitive, with a few key players dominating the industry. However, the continuous technological advancements and innovation may attract new entrants.

- Bargaining power of buyers: High. Buyers have the power to negotiate prices and demand customized solutions based on their specific requirements.

- Bargaining power of suppliers: Low. There are numerous RFID hardware and software suppliers in the market, giving buyers a wide range of options.

- Threat of new substitutes: Low. RFID technology offers unique advantages, such as real-time tracking and automation, which are difficult to replicate with alternative technologies.

- Competitive rivalry: High. The RFID market is characterized by intense competition among key players, with a focus on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge.

D) Key Takeaways

- The global RFID market is expected to witness high growth, exhibiting a CAGR of 6.37% over the forecast period, due to the increasing integration of RFID technology with the Internet of Things. This integration enables real-time tracking, monitoring, and management of assets and inventory, leading to improved efficiency and cost reduction.

- North America is expected to dominate the RFID market, followed by Europe and Asia Pacific. North America is the fastest-growing region, driven by the growing adoption of RFID technology in various industries, such as retail, healthcare, and manufacturing.

- Key players operating in the global RFID market are Avery Dennison Corporation, Alien Technology Corporation, CCL Industries Inc., and William Frick & Company.

In conclusion, the global RFID market is poised for significant growth, driven by the integration of RFID technology with IoT, which enhances efficiency and improves supply chain management. North America is expected to lead the market, and key players are focusing on innovation and strategic partnerships to maintain their competitive edge.

[logisticsandtransportation]

Location Infrastructure: The Future of Logistics

Modern consumers seek things that are both reasonably priced and easily accessible at any time in today's globalized and connected culture. Supply chains must be dependable and robust for this.

The weakest connection in supply chains determines how robust the network is, and as recent years have shown, transportation is typically that weak link. Logistics is the more accessible and more effective transportation and management of a complicated activity. In business, logistics is the movement of goods from their origin to their final destination to satisfy the demands of clients or companies.

Some companies use drones for international courier services and ocean freight forwarding services. This will reduce the time it takes to deliver packages from days to hours. Therefore, businesses can deliver the value consumers want without blowing their budgets on transportation logistics or impeding the flow of commodities vital to the global economy.

Opportunity in India

One of the largest in the world in terms of logistics, India offers a substantial market opportunity. The industry, which includes transportation, warehousing, and other supply-chain solutions spanning from the suppliers to the end customers, logistics as an industry is essential for the nation's economic progress.

Role of Technology

Society is evolving thanks to technology. The world is heading toward automation in a big way, and businesses are less and less interested in activities that need physical labour or human interaction.

Technology enhances interconnections between various industries and companies by meeting client requests and facilitating effective business tactics that increase revenue and lessen rivalry. The logistics sector has been significantly touched by technology.

Several technologies are altering the future of the logistics sector.

Automation

Automation enhances a machine's productivity by utilizing data from software to produce the best outcomes with high precision. Automation benefits everything from better package labelling to effective warehouse sorting systems and quick deliveries. Future leaders in logistics will be the companies that use automation first.

Systems for tracking shipments

Users can keep an eye on and track their shipments by using it. It offers customer account information on the consignment assigned to them, customized reports, and notifications for shipments and messages. These systems improve the user experience.

Internet of Things (IoT)

The Internet of Things (IoT) is a network where physical things are implanted with microchips and software to enable communication with other devices. The logistics sector has been utilizing IoT devices to gather data, lessen superfluous duties, and streamline processes.

Radio waves are used by Radio Frequency Identification (RFID) RFID to read data stored in RFID tags or smart labels. These radio waves assist in locating, identifying, and communicating with both people and objects.

An antenna, an RFID tag, and an RFID reader make up an RFID system. An integrated circuit and an antenna make up RFID tags, which transmit data to an RFID reader (also known as an interrogator).

The reader assists in converting the radio waves into more meaningful data. The operating systems get the information received from tags through a communication interface, which is then saved in a database and later processed for analysis.

Automated vehicles and drones

Drones could soon be used to deliver our orders thanks to technology. We can already see autonomous trucks on the road in the next few years.

GPS accuracy was improved

In the past, printed maps were utilized to navigate distant locations, but with the advancement of technology, today, cars come equipped with GPS. These gadgets' accuracy has dramatically improved over the years, which has helped disgruntled and lost drivers and the supply chain. By tracking the whereabouts of trucks and facilitating a simple route thanks to access to up-to-date traffic information, GPS's high precision enables higher production and delighted consumers.

Social media

The power of social media is enhancing operations and the logistics sector as a whole. These platforms are increasingly the simplest and most effective means for businesses to interact with customers and swiftly disseminate important information, market news, and client feedback.

Blockchain

Blockchain has a lot to offer the logistics sector. Automating the process, minimizing paperwork, and improving inventory transparency and traceability, enables businesses to operate more efficiently. Since all data is exchanged from the manufacturing site until it reaches the end user, supply chains are more secure.

Robotics

Like automated devices, robots are made to carry out human activities. It performs human movements and tasks and has a human appearance. The logistics sector can benefit from this feature. The logistics sector has found it challenging to meet market demand due to the massive growth of e-commerce, a problem that robotics has resolved. In addition to taking less time than people, it is also more productive.

Conclusion

The global supply chain's productivity has increased thanks to technology, which has also decreased expenses and errors. Transportation, international courier service transportation (by sea and air), supply chain management, and shipment tracking are examples of how the logistics industries have benefited. Many businesses offer solutions to the logistics sector to make their jobs easier. This company is making great future benefits for its clients.

[semiconductorsandelectronics]

Real-time Location Systems Market Size, Share & Industry Trends Growth Analysis Report by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee, RuBee), Application (Inventory/Asset Tracking, Personnel Monitoring), Region - Global Forecast to 2029

[iotexpo]

Industry trend｜MINISO, which launches 100 new products every 7 days, uses RFID to identify best-selling items

As a successful representative of IP retail, Pop Mart has launched a large number of trendy toys with IP elements through cooperation with many well-known IPs, which are deeply loved by consumers. Its success lies not only in product innovation and design, but also in the precise selection and in-depth exploration of IPs. In 2023, Pop Mart achieved revenue of 6.3 billion yuan, a year-on-year increase of 36.5%; adjusted net profit of 1.19 billion yuan, a year-on-year increase of 107.6%, and 10 IPs with sales of over 100 million yuan, including classic IPs such as SKULLPANDA, MOLLY, DIMOO, and new IPs such as Hirono Ono.

In 2024, Pop Mart's performance continued to grow rapidly, which also stimulated its stock price to double several times, and it was far ahead in Hong Kong stocks.

On the other hand, MINISO is also working hard to enter this track. MINISO has cooperated with more than 150 world-renowned IPs such as Harry Potter, Disney, and Sanrio, and has incubated its own IPs such as PENPEN and DUN. Its IP co-branded product sales account for more than 30%, and its brand positioning has been successfully upgraded from the previous affordable grocery store to the "global IP co-branded collection store". In addition, MINISO is also actively expanding new retail formats such as MINISO LAND to further promote the development of IP retail business.

In the fierce market competition, continuous innovation and iteration are the key to maintaining competitiveness. Enterprises need to pay close attention to market trends and changes in consumer demand, and constantly adjust and optimize product design and marketing strategies. MINISO has won wide favor from consumers with its unique supply chain strategy and efficient product update speed. As a retail brand with "quality and creativity" as its core competitiveness, MINISO continues to bring freshness and surprises to consumers by launching 100 new SKUs every 7 days. However, behind such a high frequency of new products, how to accurately screen which products sell well and which need to adjust strategies has become a key issue. Therefore, MINISO recently announced a cooperation with Cinda IoT to introduce RFID technology to improve store precision marketing and operational efficiency.

RFID technology automatically identifies target objects and transmits data through radio waves, achieving efficient and accurate information collection and processing without human intervention. In the retail industry, RFID technology has become an important tool for improving operational efficiency and optimizing customer experience with its non-contact, long-distance, and fast reading characteristics. In particular, RFID technology plays an irreplaceable role in inventory management, product tracking, customer experience, and precision marketing.

RFID technology provides a unique identity for each product, making every link from production to sales traceable. MINISO can use RFID technology to track the flow of goods in the supply chain and understand the sales of goods in different stores and at different time periods. Through in-depth analysis of these data, MINISO can accurately determine which products are selling well and which products need to be improved or eliminated. This data-based decision-making method has greatly improved MINISO's product update speed and market responsiveness.

RFID technology can also collect customer shopping behavior data in real time, providing MINISO with valuable market insights. Through in-depth analysis of these data, MINISO can understand customer needs, preferences and shopping habits, and then formulate more accurate marketing strategies and product combination plans. For example, MINISO can use RFID technology to achieve personalized recommendations, and recommend new products or promotional products that meet the needs of customers based on their shopping history and preferences. This precision marketing method not only improves marketing effectiveness, but also enhances customers' shopping experience and loyalty. For example, the vice president of Decathlon China, the director of retail operations, said that by introducing RFID, Decathlon achieved a 5% sales increase.

It also promotes the intelligentization of MINISO's inventory management

For fast-moving consumer goods brands like MINISO, inventory management is crucial. Traditional retail inventory management relies on manual counting, which is inefficient and error-prone. RFID technology, by attaching RFID tags to goods, enables real-time monitoring and dynamic management of inventory. MINISO can use RFID technology to quickly and accurately grasp the inventory quantity, location and status, adjust inventory strategies in a timely manner, reduce inventory costs, and improve operational efficiency. At the same time, RFID technology can also help MINISO quickly identify slow-selling and hot-selling goods, provide data support for product strategy adjustments, and control inventory levels.

In conclusion

Thanks to the promotion of RFID to retailers in many aspects, more and more retail giants have begun to introduce RFID, and many companies have achieved good results. With the continuous maturity of RFID technology and the continuous expansion of application scenarios, MINISO can further explore the application potential of RFID technology in supply chain management, inventory management, product tracking, customer experience and precision marketing. For example, MINISO can use RFID technology to deploy a self-service checkout system like UNIQLO. Customers only need to put the selected goods into the self-service checkout machine, and the system can automatically identify the product information and calculate the total price, which greatly shortens the checkout time, improves the convenience of shopping, and saves labor costs.

In the future, more and more retailers will choose RFID, and the earlier they apply RFID, the sooner they will benefit and widen the gap with their peers.

This paper is from Ulink Media, Shenzhen, China, the organizer of IOTE EXPO (IoT Expo in China)

[credenceresearchdotblog]

The RFID Sensor Market is projected to grow from USD 14,485 million in 2023 to an estimated USD 31,276.4 million by 2032, with a compound annual growth rate (CAGR) of 10.1% from 2024 to 2032. Radio Frequency Identification (RFID) technology has evolved from a niche application to a mainstream solution for tracking and data collection in diverse industries. The global RFID sensor market has been experiencing significant growth, driven by the need for real-time visibility, operational efficiency, and advanced data management across sectors. This article explores the dynamics, trends, and future potential of the RFID sensor market.

Browse the full report https://www.credenceresearch.com/report/rfid-sensor-market

Understanding RFID Technology

RFID uses electromagnetic fields to identify and track tags attached to objects. These tags contain electronically stored information that can be read by RFID readers without requiring a direct line of sight, making the technology highly efficient for tracking and monitoring. The RFID system typically consists of three components: 1. RFID Tag: The data storage component, which can be passive, active, or semi-passive. 2. RFID Reader: Captures the information from the tag. 3. Antenna: Facilitates communication between the tag and the reader.

Market Dynamics

The RFID sensor market is being driven by multiple factors, including the expansion of the Internet of Things (IoT), advancements in supply chain management, and the increasing adoption of automation in industries such as retail, healthcare, transportation, and logistics.

1. IoT Integration: The integration of RFID with IoT has been a game-changer. RFID sensors enhance the ability to gather and analyze data in real-time, making it an essential component in smart manufacturing, smart cities, and connected logistics. 2. Retail Sector Growth: In retail, RFID sensors are extensively used for inventory management, theft prevention, and customer behavior analysis. Giants like Walmart and Zara have adopted RFID to streamline their operations and improve customer experience.

3. Healthcare Applications: The healthcare sector uses RFID sensors for patient tracking, inventory management of medical equipment, and improving operational efficiency in hospitals.

4. Logistics and Supply Chain: RFID technology plays a pivotal role in logistics by enabling precise tracking of goods, reducing errors, and optimizing supply chain operations.

Technological Advancements

The RFID sensor market is witnessing continuous innovation, leading to enhanced efficiency and broader adoption. Recent developments include:

1. Miniaturization of RFID Chips: Smaller and more efficient RFID chips allow integration into a wider range of products and environments. 2. Increased Read Range: Technological advancements have extended the range of RFID sensors, making them suitable for large-scale industrial operations. 3. Improved Security Features: Modern RFID systems incorporate encryption and authentication to address security concerns.

Market Challenges

Despite its benefits, the RFID sensor market faces challenges, including:

1. High Initial Costs: The implementation of RFID technology requires significant upfront investment, which can be a barrier for small and medium-sized enterprises. 2. Data Privacy Concerns: With the proliferation of RFID tags in consumer products, concerns around data privacy and misuse have emerged. 3. Interference Issues: RFID systems are susceptible to interference from other electronic devices, which can impact their efficiency.

Future Outlook

The RFID sensor market is poised for sustained growth, with several trends shaping its future:

1. Expansion in Emerging Markets: Countries in Latin America, the Middle East, and Africa are likely to adopt RFID solutions to improve operational efficiencies. 2. Sustainability: With a focus on eco-friendly practices, RFID technology is being leveraged for waste reduction and efficient resource management. 3. AI and Machine Learning Integration: Combining RFID with AI and ML will enable predictive analytics and enhance decision-making processes.

Key players

Figure Technologies (US)

Cyware Labs (US)

Core Scientific (US)

NetObjex (US)

ai (UK)

Ai-Blockchain (US)

AlphaNetworks (US)

Bext360 (US)

AI (US)

BurstIQ (US)

Chainhaus (US)

CoinGenius (US)

Computable (US)

Finalze (US)

Gainfy (US)

Hannah Systems (US)

LiveEdu (UK)

Mobs (US)

Neurochain Tech (France)

Numerai (US)

SingularityNET (The Netherlands)

Stowk (US)

Synapse AI (US)

Talla (US)

Verisart (US)

VIA (US)

Vytalyx (US)

AI (US)

Workdone (US)

Segments

Based on Type

Active

Passive

Based on Frequency Range

Low Frequency

High Frequency

Ultra-High Frequency

Based on Application

Access Control

Livestock Tracking

Ticketing

Cashless Payment

Inventory Management

Others

Based on Region

North America

Europe

Asia Pacific

Latin America

Asia Pacific

Browse the full report https://www.credenceresearch.com/report/rfid-sensor-market

Contact:

Credence Research

Please contact us at +91 6232 49 3207

Email: sales@credenceresearch.com

Website: www.credenceresearch.com 

[electronalytics]

Global RFID Label Printers Market Size, Share, Trends, Growth, Industry Analysis, Key Players, Revenue, Future Development & Forecast 2023-2032

[researchcompany]

Cold Chain Rfid Market Overview, Size, Share, Trend and Forecast to 2033 | Market Strides

Cold Chain Rfid Market

The Global Cold Chain Rfid Market size is projected to grow at a CAGR of XX% during the forecast period.

The Global Cold Chain Rfid Market Research Report provides a comprehensive evaluation of the present industry scenario and future growth prospects over the forecast period. The research report analyzes and summarizes all important aspects of the market including technological evolution, recent industry trends and competitive landscape, market segmentation and key regions.

Research Methodology

Our research methodology constitutes a mix of secondary & primary research which ideally starts from exhaustive data mining, conducting primary interviews (suppliers/distributors/end-users), and formulating insights, estimates, growth rates accordingly. Final primary validation is a mandate to confirm our research findings with Key Opinion Leaders (KoLs), Industry Experts, Mining and Metal Filtration includes major supplies & Independent Consultants among others.

The Global Cold Chain Rfid Market Report provides a 360-degree view of the latest trends, insights, and predictions for the global market, along with detailed analysis of various regional market conditions, market trends, and forecasts for the various segments and sub-segments.

Get Sample Report: https://marketstrides.com/request-sample/cold-chain-rfid-market

List Of Key Companies Profiled:

IBM

Cisco Systems

HPE

Juniper Networks

Huawei

NEC

Pica8

Brocade Communications Systems

Ciena

Intel

Pluribus Networks

Big Switch Networks

SEGMENTATION

By Type

Tags

Readers

Other Hardware Devices

Software and Services

By Application

Food and Beverages

Pharmaceutical&Biomedical

Others

Get In-Detail : https://marketstrides.com/report/cold-chain-rfid-market

Cold Chain Rfid Market Regional Insights

North America

United States: The U.S. economy has shown resilience post-pandemic but faces inflationary pressures, particularly in housing and consumer goods. The Federal Reserve's interest rate policies remain a focus, as the balance between controlling inflation and avoiding recession has impacted spending, borrowing, and business growth. Key sectors like tech, finance, and renewable energy are experiencing dynamic changes, with AI, fintech, and green technology receiving heavy investments.

Canada: Economic stability remains a hallmark of Canada’s economy, although housing affordability and household debt are pressing issues. Canada continues to emphasize a green energy transition, investing in hydroelectric, wind, and solar power. The nation is also focused on attracting skilled labor, especially in technology, healthcare, and energy, as part of its economic strategy.

Mexico: Mexico has benefited from a nearshoring trend, as companies look to relocate manufacturing closer to the U.S. market. With a strong trade relationship via USMCA (the U.S.-Mexico-Canada Agreement), Mexico is seeing investments in its automotive, aerospace, and electronics industries. However, inflation, interest rates, and a need for infrastructure development remain areas of focus.

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

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[semiconductorsandelectronics]

Real-time Location Systems Market Size, Share & Industry Trends Growth Analysis Report by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee, RuBee), Application (Inventory/Asset Tracking, Personnel Monitoring), Region - Global Forecast to 2029

[iotexpo]

Industry trend｜Why did Decathlon choose this Chinese company's RFID solution?

Decathlon has been using RFID technology for a long time. When selecting RFID solution suppliers in China, Decathlon put forward a number of strict requirements, covering technical performance, security and privacy protection, cost and benefit analysis, and after-sales service and support. These requirements are aimed at ensuring that the RFID solution can meet Decathlon's needs in supply chain management, retail operations, etc., and improve overall operational efficiency and customer shopping experience.

In addition, due to the large number of categories and quantities of goods sold in Decathlon shopping malls, Decathlon also requires RFID solution suppliers to have the ability and experience to implement RFID solutions on a large scale. In the end, Invengo, the first RFID listed company in China, stood out. While winning a large order, it also proved that Chinese RFID companies have the ability to implement large RFID projects. Recently, the author interviewed Zhang Yongtao, the marketing director of Shenzhen Invengo Information Technology Co., Ltd., to learn from him the success and future development plan of Invengo.

Zhang Yongtao, Marketing Director of Invengo

Thank you Mr. Zhang for accepting our interview. Could you please briefly introduce Invengo?

Shenzhen Invengo Information Technology Co., Ltd. was established in December 1999 and listed on the Shenzhen Stock Exchange in August 2007 with the stock code 002161. It is a representative enterprise of China's Internet of Things industry and a global leading supplier of radio frequency identification (RFID) products and Internet of Things solutions.

Invengo focuses on the research and development of RFID and Internet of Things core technologies and overall solutions. The company has more than 100 independently developed RFID chips, electronic tags, readers, writers, equipment and other products, with a total of more than 600 authorized patents and proprietary technologies, and has participated in the formulation and formal release of more than 30 industry standards, and has released a total of 156 corporate standards.

At present, Invengo focuses on three major businesses: railways, smart culture, and apparel retail. At the same time, it vigorously develops vertical application fields of RFID Internet of Things in medical, power, tobacco and other emerging industries, and provides Internet of Things products and solutions based on RFID technology to customers in various industries.

In what aspects does Invengo's core competitiveness in the fields of RFID and the Internet of Things manifest itself?

Compared with other companies, Yuanwanggu has the following advantages:

1. Deep brand accumulation and technology accumulation.

Yuanwanggu has been involved in RFID application research since 1993. It is the earliest high-tech company in my country to develop RFID technology and the first RFID listed company in China. At present, Yuanwanggu has established a global marketing network with Shenzhen as its headquarters, covering most parts of China, Singapore, the United States, South Korea, Europe, Australia and other domestic and foreign regions, providing high-performance products and solutions to global customers. In terms of development history and market scale, Yuanwanggu has accumulated deep technical and brand heritage.

2. Focus on R&D and continuous innovation

Yuanwanggu has Shenzhen Radio Frequency Identification Engineering Technology Research and Development Center, Internet of Things Application Engineering Laboratory based on RFID technology, Enterprise Postdoctoral Research Workstation, Radio Frequency Equipment Testing Laboratory, and has built a world-leading RFID product dynamic performance testing center; the company has obtained more than 600 authorized patents and proprietary technologies, and has more than 100 self-developed RFID chips, electronic tags, readers, equipment and other products.

3. One-stop integrated service, rapid response to the market

With excellent technical level, strong market background, rich experience accumulation and professional talent team, Yuanwanggu has the comprehensive capabilities of overall design of intelligent solutions, personalized development of software and hardware equipment, and rapid supply of production needs. In addition, it actively introduces cutting-edge technologies such as AI big data, cloud computing, AR/VR, and metaverse, which can respond to market needs as quickly as possible and provide high-level and highly adaptable intelligent services for various scenarios.

In which industries are Invengo's RFID solutions widely used? Could you please share some typical application cases?

In the Internet of Things industry, Invengo focuses on three major businesses: railways, smart culture, and apparel retail. At the same time, it vigorously develops vertical application fields of RFID Internet of Things in medical, electricity, tobacco and other emerging industries, and provides Internet of Things products and solutions based on RFID technology to customers in various industries.

In the railway field, the China Railway Car Number Automatic Identification System participated by Invengo is one of the largest RFID Internet of Things projects in Asia. It has pioneered the large-scale application of RFID technology in China, and has made China's railway transportation management level leap into the world's advanced ranks. At present, the company's railway market share exceeds 50%.

In the field of smart culture, as a global leading RFID smart book management solution provider, Invengo currently provides services to more than 4,000 library customers worldwide. The company pioneered the ultra-high frequency smart library solution, and the library management service cloud platform based on the Internet of Things, big data and SAAS architecture provides support for the transformation and improvement of the library industry.

In the field of apparel retail, Yuanwanggu is the world's leading supplier of IoT solutions for apparel retail. The company's developed single-item retail supply chain and store management IoT application solutions focus on the construction of digital supply chains and smart stores. They have been successfully implemented in many large domestic and foreign apparel companies, such as Decathlon and Heilan Home, helping apparel companies to realize digital transformation and upgrading as soon as possible.

May I ask what is the proportion of Yuanwanggu's investment in technology research and development and what is the research and development focus in the next few years?

Yuanwanggu has created many application precedents in the RFID field. The spirit of innovation has long been deeply integrated into the company's genes. Faced with the current volatile economic environment and unknown market trends, Yuanwanggu has the confidence and strength to always control the R&D investment to more than 10% of the company's revenue and focus strategic resources on technological innovation.

In recent years, with the increasing application of RFID technology in digital construction such as smart cities, smart ports, smart factories, and smart transportation, on the one hand, Yuanwanggu will continue to expand its advantages in railways, smart culture, clothing retail and other fields; on the other hand, Yuanwanggu will also actively explore other emerging industries, give full play to its own technological superiority, create more smart IoT solutions, and bring application innovation to various industries.

At the same time, under the innovation-driven development concept, Yuanwanggu will also more actively embrace high-tech technologies such as AI, metaverse, 6G communication, virtual reality, and sensor communication, establish a smart service system with RFID technology as the core and a variety of cutting-edge technologies blended together, and explore more possibilities in various technical fields.

How was the effect of participating in the IOTE Internet of Things Exhibition this year? What suggestions do you have for our IOTE International Internet of Things Exhibition?

Yuanwanggu participated in the IOTE Internet of Things Exhibition this year and achieved very good results:

1. Brand promotion: This exhibition attracted tens of thousands of visitors to visit the site. The strong industry atmosphere and huge flow of people became an important opportunity for Yuanwanggu to show its brand style to the outside world. The fashionable booth design and high-quality exhibition plan attracted many visitors to Yuanwanggu and helped Yuanwanggu further enhance its brand awareness.

2. Business expansion: This Internet of Things Exhibition has many exhibitors, covering the upstream and downstream industrial chains of the Internet of Things industry. Various market demands are fully surging, creating a good environment for business exchanges, bringing Yuanwanggu more opportunities to expand the market and explore business. During the three-day exhibition, customers continued to visit Yuanwanggu's booth for negotiations.

3. Industry exchange and learning: As a weathervane in the industry, the exhibition attracted more than 800 outstanding companies to gather together to share new trends and application cases in the industry, strengthen the relationship between Yuanwanggu's industry partners and customers, exchange cutting-edge technologies and applications in the industry, and broaden the industry vision of the Yuanwanggu team.

Give some suggestions:

1. Increase interactive links and experience: Due to differences in technical styles, RFID cannot be as eye-catching as the on-site display of technologies such as AI and robots, but through clever planning, more interactive links can be added to enhance the interactivity and fun of the exhibition, so that the audience can more intuitively understand the application effects of RFID technology and products.

2. Promote in-depth exchanges between industry, academia and research: The exhibition brings together top companies and experts and scholars in the industry. It is recommended to deeply explore and utilize exchange opportunities, fully promote resource interaction between various subjects of "industry, academia and research", set up an industry, academia and research cooperation zone, invite relevant parties to display results, exchange technology and negotiate project cooperation, and promote industry, academia and research cooperation and exchanges.

3. Promote online and offline integration: It is recommended that exhibition organizers explore exhibition models that integrate online and offline. Through online platforms, such as live video streaming and online shopping malls, exhibitors can display products and release information, and visitors can browse exhibition content, make appointments to visit, etc., to help expand the audience range of the exhibition and improve the communication effect of the exhibition.

How is the growth of Invengo in overseas markets this year? How do you generally expand overseas markets?

At present, Invengo has established a global marketing network with Shenzhen as its headquarters, covering most domestic and foreign regions such as China, Singapore, the United States, South Korea, Europe, and Australia. With RFID technology as the core, it has built an overseas smart service matrix; with railways, smart culture, and clothing retail as the three major businesses, it has established an internationally renowned brand.

This year, Invengo's overseas market as a whole has shown a positive development trend. Although the specific data may vary due to market segmentation, regional differences and other factors, in general, Invengo's overseas market expansion has been steady and has achieved certain results.

For example, Invengo's smart culture business is being actively implemented in the United States, Australia and other regions, and has been carried out in an orderly manner. It has gradually established a deep connection with the local market, and related businesses have also emerged; in the face of the challenges brought by market growth, the Invengo team has also actively formulated a long-term development strategy to tackle key problems from regional and industry dimensions.

In terms of developing overseas markets, Yuanwanggu has established a firm foothold in some regions with its excellent technical level and deep brand accumulation. At the same time, it has actively taken relevant measures to strive to "stand firm, stand firm and go far" in overseas markets. These measures mainly include:

1. Market research and positioning: Yuanwanggu has established relevant departments such as the International Business Department to cultivate talents who are more familiar with overseas market demand, competitive situation and laws and regulations, constantly understand the overseas market situation, and formulate appropriate market positioning and product strategies.

2. Establishing partnerships: Yuanwanggu actively seeks to establish partnerships with well-known local companies, industry associations, government agencies, etc., and jointly develop markets through resource sharing and mutual benefit and win-win methods.

3. Brand promotion and marketing: By participating in international exhibitions, holding product launches, and conducting online marketing, Yuanwanggu continues to enhance brand awareness and influence and attract potential customers and partners.

4. Providing customized solutions: In response to the specific needs of different customers, Yuanwanggu provides customized solutions and services to help customers solve practical problems and improve customer satisfaction and loyalty.

Through the interview with Yuanwanggu, I believe everyone has learned a lot. It is worth mentioning that last year, Invengo's "Assisting the world-renowned retailer Dikayi in the accurate and efficient collection of traceability data" was also listed in the "IoT Star" 2023 China Internet of Things Industry Benchmark Case List. The "IoT Star" selection activity selects companies and products with outstanding performance in the RFID industry through strict selection criteria and processes, setting a benchmark and example for the industry. The award-winning companies are jointly selected by industry judges, organizing committee experts and industry professionals. These award-winning companies and products not only represent the highest level of the RFID industry, but also provide examples for other companies to learn and refer to, promoting the progress and development of the entire RFID industry.

This paper is from Ulink Media, Shenzhen, China, the organizer of IOTE EXPO (IoT Expo in China)